Instant payments are becoming a reality, driven in large part by consumers’ and business’ desire for payments that settle in seconds. FedNow, the Federal Reserves’ real-time payments solution, is in pilot today and scheduled for release in 2023. Financial institutions must use FedNow within seven years.
For financial institutions, the benefits of instant payments include the ability to offer new revenue generating mobile and online P2P payment options, improve customer satisfaction and retention, reduce costs and risks, and minimize the volume of payments traveling through closed-loop payments systems that disintermediate banks.
Preparing for instant payments through FedNow means addressing technology, operational, compliance, and organizational readiness. To evaluate where you are today and where you need to be, download this white paper and get ready to take advantage of the benefits of instant payments.
Accelerating a Fintech’s Data Migration to Power Data Insights for Making Impactful Business Decisions
A debt financing fintech that offers a single point-of-sale platform with a wide range of pay-over-time products and services which allow merchants to make offers to all customer types with varying levels of credit. The company credits their ability to deliver such a positive experience for merchants and customers due to their world-class support, advanced technology, and analytics that power their product. As growth continues to increase, it is vital for their company to ensure they are able to track and report on key metrics supporting business decisions.
One of the silver linings of the pandemic era we’ve been through is the sheer number of innovative ideas and new businesses that have sprung up! Ippon was recently asked to do a two-week discovery for one such company that had launched a proof-of-concept (POC) for a new application that had established demand but needed help on the next steps.Read more
The journey to our modern day payments landscape is surprisingly linear. There are a number of different innovations that have all brought us to the current environment. These new technologies are improving the speed, safety, and settlement of payments. The forefront of all of these is in the ACH space where new services like Same Day ACH and FedNow are starting to make moving money from one account to another within the same day possible.Read more